Saskatchewan crop hail payouts of over $124M in 2016
Hail losses in Saskatchewan tracked above the five-year average in 2016, according to Canadian Crop Hail Association (CCHA) estimates.
The final hail report for the 2016 season was released on Tuesday.
Preliminary estimates show payouts to Saskatchewan farmers for crop hail damage was more than $124 million from over 11,000 claims, resulting in a 70.8 per cent average, up from last year’s figure of 45.6 per cent.
The CCHA said the percentage of policies that received hail was higher than last year. The province’s loss ratio is estimated at 70.8 per cent, up from the reported 45.6 per cent in 2015.
Most of the significant storms occurred in July and were well above average in total. A large number of producers claimed hail loss from more than one storm during the 2016 season.
Total sums insured were $4 billion, compared to $3.6 billion last year. The average charged rate was down from previous years and premium income totalled $176 million, compared to $160 million in 2015.
Across the Prairies, weather-related delays slowed harvest and an unusually large number of crop hail claims are still being assessed.
At the time of reporting, CCHA estimates show 2016 payouts to western Canadian farmers of just over $256 million, up from $167 million in 2015. Claims increased from 13,200 in 2015 to 19,800 this year.
© 2016 Global News, a division of Corus Entertainment Inc.